Tilray to Acquire Hemp Food Company Manitoba Harvest for Up to $419 Million

The market for hemp-derived CBD was estimated at US$591 million in 2018 and is expected to balloon to US$22 billion by 2022.

Cannabis producer Tilray Inc. has signed a deal to acquire Hemp Hearts-maker Manitoba Harvest for up to $419 million in cash and stock as the two companies look to launch CBD-infused products where permissible in the U.S.

The acquisition accelerates the Nanaimo, B.C.-based pot grower’s entry into the U.S. market as the hemp food manufacturer’s products are already on the shelves of retailers such as Wal-Mart, Costco and Whole Foods on both sides of the border, said Tilray chief executive Brendan Kennedy.